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Abu Dhabi: The Abu Dhabi Fund for Development on Tuesday announced that it is establishing an agricultural investment company in Sudan as an affiliate of Al Dhabi Holding Company.
Another affiliate, Al Dhabi Real Estate, has already invested in Sudan's housing market.
"The purpose of the new company is to invest in land reclamation and agricultural production, to serve this vital sector, and to provide for jobs and investments for Sudan," said Adel Al Hosani, the fund's legal counsellor.
"Since its inception, the value of funds provided for projects in other countries by ADFD amounts to Dh23 billion, with an average annual funding of Dh750 million," he added.
The fund is also working on a programme to support UAE exports, to help local manufacturers and producers facing increasing international competition. "We are working on this programme with the German company KFW Group, and we will soon announce all the related details," Al Hosani said.
The fund has not decided whether to direct the agricultural output of the investment in Sudan to the UAE, to the local market there or to other countries.
"Our motivation is to create an investment in Sudan to help the economy, but whether this will be used to help address the increasing prices of foodstuffs in the UAE has not been decided yet," Al Hosani said.
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